Meyer Road condo sold en bloc for $69m

The Albracca condominium in Meyer Road has been sold for $69.12 million in an en bloc deal – the fifth done this year.

The owners had hoped for a price from $62 million to $65 million when the tender opened last month.

So the deal they secured from developer Sustained Land, after several bids were lodged, is up to 11.5 per cent above expectations.

The price works out to $1,409 per sq ft per plot ratio, inclusive of development charges payable to intensify the land use, marketing agent JLL said yesterday.

The freehold development near Tanjong Rhu has apartments from 1,658 sq ft to 3,972 sq ft. So each owner stands to pocket “slightly under $4 million to $7 million plus”, said JLL senior consultant Karamjit Singh.

Mr Singh noted yesterday: “The Albracca’s tender response was strong, with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager.”

The 23,400 sq ft Meyer Road site near the upcoming Katong Park MRT station has an allowable gross plot ratio of 2.1 under the 2014 Master Plan.

It could be redeveloped into a high-rise project, housing 65 apartments with an average size of 70 sq m or about 750 sq ft.

The sale signals that the collective sale market is powering ahead amid more positive buyer sentiment and developer hunger for sites.

“Clearly, there is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a corner.

“Sentiments in the residential market have also been buoyed by the strength of the stock market this year,” Mr Singh added.

Four en bloc deals have been completed in recent months: One Tree Hill Gardens, Goh & Goh Building and the former HUDC estates Rio Casa and Eunosville.

Including The Albracca, the total value of collective sale transactions has hit around $1.58 billion this year – trumping the three deals, worth $1 billion in all, done last year.

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